1. Production possibilities frontier

What it means to everyone else: The next big feature on an iPhone.What it means to econ majors: Optimal.

2. Sunk costs

What it means to everyone else: The price of getting to wreckage at the bottom of the ocean.What it means to econ majors: Information that shouldn’t impact your next decision.

3. Normal distribution

What it means to everyone else: When professors decide to grade on a curve.What it means to econ majors: A bad assumption.

4. Producers’ surplus

What it means to everyone else: What farmers sell at a farmers’ market.What it means to econ majors: There’s a market here.

5. Risk

What it means to everyone else: A game for nerds.What it means to econ majors: An awesome game for nerds and something to hedge against.

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6. Indifference curve

What it means to everyone else: The choice between Christina Aguilera and Brittney Spears.What it means to econ majors: Optimizing the correct amount of Christina Aguilera and Brittney Spears to maximize happiness.

7. Oligopoly

What it means to everyone else: Something they learned in history class.What it means to econ majors: The reason oil prices are far too high.

8. Shutdown price

What it means to everyone else: The winning bid on Ebay.What it means to econ majors: A price so low no firm can operate.

9. Microeconomics

What it means to everyone else: Really small financing.What it means to econ majors: Understanding why individuals make the choices they do.

10. Marginal utility

What it means to everyone else: How much the electric bill costs next month.What it means to econ majors: homo economicus

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11. Present value

What it means to everyone else: Finding out how much your family loves you on your birthday.What it means to econ majors: Properly understanding the value of a dollar today vs a dollar tomorrow.

12. Error term

What it means to everyone else: What they got wrong on their term paper.What it means to econ majors: + e

13. Natural log

What it means to everyone else: Fuel for the camp fire.What it means to econ majors: The percentage change.

14. Multivariable function

What it means to everyone else: Deciding what to do this weekend.What it means to econ majors: The way econometrics describes everything.

15. Elasticity

What it means to everyone else: Stretchy yoga pants.What it means to econ majors: Why the over crowded restaurant should raise prices.

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16. Fixed Costs

What it means to everyone else: Next months rent.What it means to econ majors: Don’t contribute to marginal cost.

17. Expected value

What it means to everyone else: The price of gasoline going up.What it means to econ majors: Why you know to never play the lottery.

18. Deadweight Loss

What it means to everyone else: The result of diet and exercise.What it means to econ majors: Why you should only ever give someone money for a present.

19. Point of diminishing returns

What it means to everyone else: The 5th beer.What it means to econ majors: The 5th beer.

20. Z score

What it means to everyone else: Over 5000!What it means to econ majors: Getting published.

21. Bayesian probability

What it means to everyone else: You misspelled BeyoncĂŠ.What it means to econ majors: How new information shapes your previous assumptions.

22. Economics

What it means to everyone else: Boring.What it means to econ majors: Understanding how people make choices under constraints.

23. Monopoly

What it means to everyone else: The worst board game ever made.What it means to econ majors: $$$.